From the Mak Family…
One of the presents I got for my birthday this year was a pass for indoor skydiving at iFly!
If you have the opportunity, I highly recommend trying it out as both NTM and myself had a lot of fun!
Foreign Buyers Ban on January 1, 2023!
There are new laws which will affect foreign buyers in Ontario.
On October 25, 2022, the Provincial government increased the Non-Resident Speculation Tax (NRST) from 20% to 25%, which means that if you are a non-resident, you will have to pay an additional 25% when purchasing a residential home.
However, starting January 1, 2023, the Federal government has put an out-right ban for two years on purchasing from Non-Canadians!
To give more clarity on the laws, I had the pleasure of interviewing Jessie Ma, Founding Partner of Castle Law, who discussed the nuances of what may be involved if you are a foreign buyer or seller in real estate.
To learn about the exceptions for the 25% NRST tax, conditions to get the amount back as a rebate or whether you can legally buy a home after January 1, 2023, watch the video!
Or contact Jessie Ma at JMa@CastleLaw.ca and ask her for the “foreign buyer and seller cheat sheet.”
I have a feeling there will be a little more activity from non-resident buyers before the end of the year.
If you do plan on upgrading, you may want to “sell first then buy” instead of “buy first then sell” because of the unpredictable market.
Questions about your real estate situation?
Call me at (416) 276-4895.
